With the 6th July deadline closing in, most of you have been asking us about the fate of crypto in India. We’ve been working on a solution to help you continue buying/selling of crypto without getting those warning emails from your banks! Now we’re ready to reveal it to you!
Introducing P2P Transfer on a crypto exchange!
In Peer-to-Peer transfer, you can buy and sell crypto for INR directly with each other without any hassle. It’s a glimpse into the decentralized future!
How does it work?
In a trade, there’s always a buyer and a seller involved. In P2P, the buyer and seller can deal with each other directly while WazirX acts as an escrow account for holding the cryptos during the transaction so that neither party cheats the other. Here’s how it works:
- WazirX connects the person looking to buy crypto for INR with someone who’s looking to sell crypto for INR
- The seller deposits the crypto with WazirX
- WazirX escrows the crypto for safekeeping during the transaction
- The buyer pays INR to the seller
- WazirX releases the crypto to the buyer as soon we get a confirmation from the seller
But is it safe for me?
We verify the KYC details of every user before allowing them to trade on WazirX, and keep a record of each and every transaction that occurs on our exchange. Hence, you don’t need to worry about the legitimacy of the person you’re transacting with — it’s all taken care of! Moreover, P2P is perhaps, the safest and most legal way to cash in/cash out of cryptos in India. Once you cash in, you can trade in crypto-pairs like a boss, then cash out with ease!
We strongly believe that the safety of your crypto is of paramount importance, and this is where WazirX escrow service comes into play. If you’re a seller, we’ll not release your crypto to the buyer until you confirm the receipt of INR. We’re also building a robust Dispute Resolution engine to detect and resolve any dispute between a buyer and seller. Regardless, WazirX will ensure a fair P2P transaction where you don’t have to worry about the safety of your crypto assets at all.
When will it be available?
We’ll make P2P live as soon as the RBI ban on banking services dealing with crypto comes into effect. We’ve built WazirX with the intention to involve every Indian into the blockchain revolution, and our resolve is stronger than ever! That being said, I really hope that the RBI changes its stand on crypto transactions in India, but irrespective, we’re here to make sure you’ll not be stranded. The show will go on with P2P!